Lackawanna, NY Cost of Living

Lackawanna cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.

An overview of the general cost of living index for Lackawanna, NY is displayed above for your reference. Residents in Lackawanna, NY enjoy a cost of living index of 81. This index is 33% lower than the New York average, and 19% lower than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in Lackawanna, NY, the average cost of goods and services is 17% lower than it is in New York, and it is 8% lower than the national average.

Did you know?

The cost of living in Lackawanna is 33% lower than the New York average.

The cost of living in Lackawanna is 19% lower than the national average.

The cost of housing in Lackawanna is 47% lower than the national average.

New York general sales tax is 21% lower than the national average.

New York state income tax is 80% higher than the national average.

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Compare Lackawanna, NY Cost of living To Other Cities

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Cost of living index

Goods & Services index

Groceries index

Health care index

Housing index

Transportation index

Utilities index

The salary calculator is meant to help you compare your salary in Lackawanna, NY to your potential earning power in another city. This can help you deduce what your salary would need to be in any given city in order for you to live the same lifestyle that you do in your current city. In other words, if you plan on moving to a city where the cost of living is higher than in Lackawanna, NY, you'll have to make more money in the new city in order to maintain the lifestyle you currently enjoy. To use the Lackawanna, NY salary calculator, simply input the new city, then move the adjustable slider to match your current income. Once you've selected your income, the calculator will determine if that income is sufficient to support your standard of living in the new city you entered. The calculator will also supply you with a rundown of living costs in the new city.

Median Income & Debt-To-Income Ratio

Median Income

Per Year

Per Month

Max Budget (28% DTI)

Max Budget (36% DTI)

Owners

$47,732

$3,978

$1,114

$1,432

Renters

$26,228

$2,186

$612

$787

One can approximate the cost of living and the housing affordability in Lackawanna, NY by the percentage of a person’s income that he or she spends on the monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side and keep one’s head above the water, a consumer should never spend more than 28 percent of his or her gross income on housing-related expenses and costs and not more than 36 percent of income on all expenses and debts. Homeowners in Lackawanna, NY have a median income of $47,732. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,114 per month to avoid calamity and poverty. The renters in the city have an income of about $26,228, which would make their monthly maximum allowable rental costs $612.

New York Sales Tax

State

General Sales Tax

With Max Surtax

New York

4%

8.875%

New York Income Tax

State

Income Tax (Low)

Income Tax (High)

New York

4%

8.82%

When assessing the complete cost of living in Lackawanna, NY, the New York income tax and the New York sales tax percentages should unquestionably be taken into consideration. Sales taxes aren't just levies imposed onto sold goods, but they also include taxes that are charged when services are provided for a fee. The rates are different from state to state and can run has high as 7 percent. Some states have no sales tax at all. The New York maximum surtax is 8.875%, and the New York sales tax is 4%. By contrast, income tax is an unfortunate obligation that is charged by the government against earnings. Just like sales taxes, the rates for income taxes differ from state to state. They also decrease or increase according to the individual's tax bracket. Tax rates can run as high as 9 percent, with a minimum of zero. Income tax rates range from 4% to 8.82% in New York.

Goods & Services

Item

Lackawanna

National avg.

Difference

Haircut

$14.90

$15.56

4.3%

Beauty Salon

$30.83

$36.11

14.6%

Toothpaste

$1.99

$2.47

19.4%

Shampoo

$0.89

$0.96

8.1%

Movie

$10.42

$10.13

2.9%

Bowling

$3.42

$4.74

27.7%

Groceries

Item

Lackawanna

National avg.

Difference

Ground Beef

$3.69

$3.98

7.3%

Fried Chicken

$1.30

$1.41

7.8%

Milk

$1.93

$2.06

6.3%

Potatoes

$2.52

$2.98

15.5%

Pizza

$9.99

$9.47

5.5%

Beer

$8.28

$8.79

5.8%

Health Care

Item

Lackawanna

National avg.

Difference

Optometrist

$58.53

$101.04

42.1%

Doctor

$85.33

$107.44

20.6%

Dentist

$70.70

$90.42

21.8%

Ibuprofen

$8.70

$9.28

6.2%

Lipitor

$439.17

$426.50

3.0%

Housing

Item

Lackawanna

National avg.

Difference

Home Price

$84,200.00

$175,700.00

52.1%

Avg. Mortgage Payment

$1,278.38

$1,133.23

12.8%

Apartment Rent

$590.00

$920.00

35.9%

Transportation

Item

Lackawanna

National avg.

Difference

Gasoline

$2.10

$1.99

5.4%

Tire Balancing

$37.55

$45.76

17.9%

Utilities

Item

Lackawanna

National avg.

Difference

All Electricity

$134.14

$163.81

18.1%

Phone

$28.22

$28.39

0.6%

Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

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